All verifiers must be approved by the Climate Bond Standards Advisory Board. The eligibility of a verifier to undertake assurance engagements under the Climate Bond Standard has two levels:
- General eligibility criteria, and
- Specific criteria in respect of the particular bond under application.
GENERAL ELIGIBILITY CRITERIA
To become an Approved Verifier an organization must:
- Be a legal entity
- Be able to provide evidence of financial stability
- Have appropriate insurance coverage, in particular professional indemnity insurance
- At least one person in a verification team must:
- have membership of a suitable finance professional organisation
- demonstrate competencies in relation to the low-carbon projects or activities linked to the bond under the Climate Bond Standard. For example renewables, green property, transport, water assets.
SPECIFIC ELIGIBILITY CRITERIA RELATED TO A PARTICULAR BOND
For particular bonds which a verifier is engaged to examine for conformance with the Climate Bond Standard:
- At least one person in the team of verifiers must have proven technical competence in each of the low-carbon projects or assets linked to the bond
- Verifiers must not be an owner or subsidiary of the entity issuing the bond being examined
- Verifiers must not benefit from the bond issuance other than from the fee billed for providing the assurance services
- Any potential conflicts of interest must be disclosed to the Climate Bond Standards Board.
The Secretariat of the Climate Bond Standards Board will conduct due diligence steps to ensure that General and Specific Eligibility Criteria are maintained by the Approved Verifiers.
To find out more about becoming an Approved Verifier please email email@example.com